I was very close to removing the metal sleeves from my 69 subframe, but gave up after they wouldn't budge with taps from a hammer and chisel. I removed the blue covers and installed the newer black bushings.
Regarding tightening, if you have ever tightened the gooseneck bearings on a bicycle, it might be similar in feel (or better yet a wheel bearing). Tighten the castellated nut, then grab the arm and try to wiggle it checking for play. I tightened mine up so that there wasn't any play but I could still move the arm by hand. Too bad I don't have a fish scale to check for tension when I was doing the installation.